In a new report, the Basel Committee on Banking Supervision assessed "the causes of the banking turmoil [that started in March 2023], the regulatory and supervisory responses, and the initial lessons learnt."
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Federal Reserve Board Vice Chair for Supervision Michael S. Barr described the recent "endgame" proposal to raise capital requirements for large banks as "the last major plank to address gaps in regulation dating from the Global Financial Crisis" and argued that "the benefits of the proposal would outweigh the costs."
The FDIC proposed governance and risk management guidelines that would apply to all insured state nonmember banks, state-licensed branches of foreign banks and insured state savings associations with assets of $10 billion.
FDIC Chair Martin J. Gruenberg and Federal Reserve Board Governor Michelle W. Bowman considered community banking reforms and applying lessons learned from recent bank failures.
Federal Reserve Board Governor Michelle W. Bowman recommended steps to ensure that banking reforms focus on "remediating identified issues" and that supervisory priorities are "aligned with the most pressing needs demonstrated by recent events."